It is the best of times it is the worst of times, famous words from Charles Dickens. These words are echoed today with the current recessionary woes. The current recession has drained savings, diminished revenues and dampened spirits. However, while many are dampened by the woes of the economy, the truth is this, the economy and the recession is not that bad! In fact, much of the current economic recession is based on fear.

Media is bombarding us with stories of economic doom and gloom, but everywhere you look there is proof that people are spending money! From restaurants to ball games, food and clothing is continually purchased. So what then is the issue? The issue is simply a fear of the unknown. Epitomizing the most famous quote on fear President Franklin Delano Roosevelt stated, “The only thing we have to fear is fear it’self – nameless, unreasoning, unjustified, terror which paralyzes needed efforts to convert retreat into advance.” Americans are paralyzed over the uncertainty, unknown and unfamiliarity.

Here are facts that can dispel the uncertainty:

1.    The current unemployment rate is 8.5 percent. Flipping the figure this denotes that over 92 percent of Americans in the United States work. Not taking into consideration passion for their jobs and other financial reasons, the majority of this country is employable.
2.    The insidious banking system even with the financial issues still extends credit to many Americans. Each day new cards and accounts are opening and borrowing is still possible.
3.    Individuals and families are still spending money. The current Elton John and Billy Joel tour is sold out. Baseball stadiums are doing considerably well and the movie industry continues to set records at the box office and have a banner year for attendance.
4.    People are more prudent with their finances but they are spending.
5.    There is less time waiting in line. There is a sheer pleasure in not having to wait in long lines at my favorite restaurants and shopping centers. Employees are generally nicer and customer service improves.
6.    Recent purchases for concerts, the symphony and other family outings have allowed for better seating and availability. A recent attendance at a play enabled me to sit front row, center!
7.    Time with family is more prevalent. Nothing is better than renting a movie or cooking a nice meal for all family members without a desire to go out. With my fiscal responsibility, more time with family is available.
8.    Relationships. With more time and a bit less stress people are more willing to stay and chat. The subtle return to conversation and socialization is a blessing.
9.    Customer needs do not disappear during a recession. Recessions provide the opportunity to strengthen relationships with clients. Now is the time to get closer to clients. As others compress, now is the time for expansion.
10.    The best times for innovation are during the worst economic times. Uncertainty creates fear and panic. While competition becomes worrisome now is the time to overtake them. The best of times come when others believe it is the worst.

©2009. Drew J. Stevens Ph.D. All rights reserved.

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